The CAE reports directly to an independent audit committee of the
board of directors/
The CAE is not assigned any operational responsibilities.
A CAE may no
AFM 131 CEL:
Intro to Business in North America
Marketing I ~ Worksheet
Introduction to Marketing I
Sort the following five phrases from oldest to newest to illustrate the chronology of the evolution of
marketing marketing concept, social media marketi
INTST Lecture Notes
The people demand the fall of the regime (Egypt)
Were successful (they overthrew Mubarak)
10 000 people occupy Tahir Square and started bombing after midnight
Leaderist movement where young and old people came to
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
Provide an appropriate response.
If A =
, determine (a)
, and (b) the order of A.
If A =
, determine (a)
, and (b) the order of A.
1.1 Auditing and Assurance Defined
Engagement where an auditor or consultant is hired to provide an opinion on a subject matterd
Enhance the reliability of the information
Engagement where a practitioner is eng
3.1 Stages of an Audit
a. Gaining understanding of the client
b. Identifying factors that may impact the risk of a material misstatement in the financial
c. Performing a risk and materiality assessment
d. Developing AUDIT
a. Anything that has to do with number-based.
2. Rights and Obligations
a. Making sure all things are owned
a. All accruals that are supposed to be recorded are recorded at year end.
a. All individual su
PA 4.2 Audit Risk and Inventory
Inherent risk: The susceptibility of financial statements to a material misstatement without
considering internal controls
Risk of errors entering the system as a nature of the business
More inventory transactions higher ri
Solution to Problem 2
Below is the calculation of business income. This is the same as for problem 1, except for the
revised sales amount and the CCA deduction (shown in bold). The CCA deduction is calculated
later in the solution.
2. General Concepts
Income taxation designed to collect revenues for the government
Federal & Provincial governments levy an income tax
FOCUS on federal tax
Income Tax Act Income Tax Laws & Income Tax Regulations
Act -> sections -> subsections -> paragrap
Solution to Problem 3
UCC Jan. 1, 2014
Less: net amount
UCC after net adj.
Add: net amount
UCC Jan. 1, 2014
Solution to problem 1
Business income (see calculation below)
Total income (line 150 of the jacket)
Brunos business income is calculated as follows. The line numbers shown on the far right are
used in part (b
Solution to Problem 5
This is a sale of capital property, so the result is a capital gain or a capital loss. The reason the
shares are a capital property is that the evidence shows that Sue is a long-term investor and
When a former clients secretary was arrested for embezzlement years
before his own crimes were uncovered, Bernie Madoff commented to his own
secretary, Well, you know what happens is, it starts out with you taking a
little bit, maybe a few hundred, a few
5. Taxation of Individuals
Taxpayers other than corporations
Trusts are taxed as individuals
An individual must compute his/her employment income, business income, and property income, other
income and any capital gains.
Losses may red
4. Business and Property Income, Tax Depreciation and Capital Gains
*Basics of income taxation
Applicable to all taxpayers: individuals, corporations, and trusts
Each taxation year, a taxpayer must calculate his/her/its net income for tax purposes.
Which of the following is not likely to be an assurance engagement objective?
Guarantee the CCURCY OF RECORDED inventory balances
A process objective stating "All contracts must me approved by an officer of the
company before being consummated" is an exam
Flowcharting would most likely be used in the evaluation of controls in:
A simple but
Playing by the Rules
Conceptual framework allows non-financial manager to appreciate value of accounting principles
Perfect measure of firms profitability: once firm ceases business and sells off all of its assets
True profitability: difference between ca
Issues in audit world: professional skepticism, judgement
Making good judgements: not intuitive
o Our brains programmed to make snap judgements based on little evidence, which isnt
helpful in audit
Longer firms: sophisticated strategies for
Chapter 2 Notes (January 5, 2015)
Fig. 2.5 pg 36
PPF0 shows the limit of production with the current level of factors of production and technology, other
things remaining the same.
Point A no resources devoted to the production of pizza ovens, 5 million p
Should Sameer return to BABA or take the Cloudskim offer?"
Although he promised he would stay at the job, I believe he should take the new offer. The new
company Cloudskim could pay for half of his tuition and on top o
Extra credit #2
Terry Jones medieval lives, Season: 1 Episode: 2 - The Monk
This episode talks about the monks in medival times and he talked about the monks live. He
said that the monks life was not what we thought it was. A monk that he talked about liv
Although Sameer would be taking a big risk due to leaving his company for a new startup
company, he should leave the company he promised to pursue a better career at a new company
like CloudSkim. Even though he would earn the trust of Mr. Baba and also ea
Extra credit #1
I went to the Documenting Medieval Drama: A Radical Reinterpretation (And Its Far-Reaching
Implications). The date attended was 11/12/14 and Carol Synes gave a lecture about this. Some
of the things she talked about was Aritsotle Poetius,
1. Why have banks cut back on lending to small businesses?
The large banks essentially gave up on small business markets because of a weaker demand for
loans. Big banks are less interested in lending to small businesses because the profit is not as
I sincerely apologize about my inappropriate behavior on February 14 th. That entire night was a
mistake. From the first wrong decision which was deciding to consume alcohol and then fighting
with my twin brother, everything about that night
1. What did Michael Kors Holdings Ltd. report regarding its recent retail sales? What
was its report regarding its forecast for sales and profit? Michael Kors Holding Ltd.
reported that increasing the price of the bags helped with opening new stores but
Current event #5
1. Why do retailers feel compelled to offer free returns?
Because the retailers believe that in doing this, it increases there chances
with customers buying there product online. Additionally studies have shown
how some consumers will jud
Hello my name is Jacob Nelson. I currently am a freshman at Western Michigan
University and I am loving every second of being here. There are a few reasons to why I am
having such a good time and enjoying myself. Also while I am here I plan on creating 3